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Cleveland-Cliffs Inc. (CLF) stock analysis

CLFNYSEMetal MiningFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 20, 2026Score 6/30
$13.14+0.28 (+2.18%)

Close on Nov 11, 2026Market cap $7.50BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value1Growth1Performance2Health2Dividend0

Weak6 of 30 checks passed

Cleveland-Cliffs passes 6 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
1/6
Past performance
2/6
Financial health
2/6
Dividend
0/6

What stands out

  • P/B below the industry

    Cleveland-Cliffs's price-to-book of 1.32 is below the Materials median of 2.40.

  • Gross margin improving

    Gross margin was 1.5% over the last twelve months, against -5.0% a year earlier.

  • Return on equity above the industry

    Cleveland-Cliffs's return on equity of -8.5% is above the Materials median of -14.7%.

  • Net margin above the industry

    Cleveland-Cliffs's net margin of -2.4% is above the Materials median of -6.1%.

What to watch

  • Return on equity under 15%

    Return on equity was -8.5% over the last twelve months and averaged 14.2% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -1.7%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 134% of shareholders' equity, above the 40% we consider low.

  • Revenue growing under 10% a year

    Revenue grew -6.8% a year over the last three fiscal years, short of the 10% we look for.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA above its 5-year median

    Cleveland-Cliffs's EV/EBITDA of 19.9 is above its 5-year median of 7.4.

  • P/B below the industry

    Cleveland-Cliffs's price-to-book of 1.32 is below the Materials median of 2.40.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth1/6

  • Revenue growing under 10% a year

    Revenue grew -6.8% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 7.8% over the last twelve months; the Materials median is 11.1%.

  • Guidance lowered

    Cleveland-Cliffs lowered its full-year 2026 Cash Pension and OPEB payments and contributions outlook on Jul 23, 2026.

  • Gross margin improving

    Gross margin was 1.5% over the last twelve months, against -5.0% a year earlier.

Past performance2/6

  • Return on equity under 15%

    Return on equity was -8.5% over the last twelve months and averaged 14.2% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -1.7%, below the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    Cleveland-Cliffs's return on equity of -8.5% is above the Materials median of -14.7%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was -2.4% over the last twelve months, against a 5-year average of 2.1%.

  • Net margin above the industry

    Cleveland-Cliffs's net margin of -2.4% is above the Materials median of -6.1%.

Financial health2/6

  • High debt

    Debt is 134% of shareholders' equity, above the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 269% five years ago to 134%.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 1.5% of total debt; we look for at least 20%.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets cover short-term debts

    Current assets are 1.87 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is 1.40; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Cleveland-Cliffs has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Cleveland-Cliffs. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 14.6
  • Materials median 21.9

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$301.20M
Value traded per 1% price move
$72.56M

Downside

High risk

Typical loss in a bad month
31.1%
Volatility (annualized)
66%
Sharpe ratio, 1 year
0.35
Beta to the S&P 500 (5Y)
1.83

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

-4.6%−9.3 pts over 5 years

Operating margin

-8.5%−5.8 pts over 5 years

Net margin

-7.9%−5.7 pts over 5 years

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